Final answer:
The third level of FASB's conceptual framework is about recognition, measurement, and reporting principles.
Step-by-step explanation:
The third level of FASB's conceptual framework consists of the recognition, measurement, and reporting principles.Recognition principles specify when and how an item should be included in financial statements. Measurement principles establish how the recognized items should be quantified. Reporting principles determine how the recognized and measured items should be presented and disclosed. These principles provide the foundation for accounting standards and help ensure the consistency and comparability of financial reporting.